I'm about to stuff my face with all kinds of food, since I'm having a third day of Xmas with some friends, but I'll have a listen when I get the chance. Despite what I make and produce, I like all kinds of music. 
"Killing in the Name" For Christmas No.1
- Thread starter punkrockerdude
- Start date
Sounds tastyI'm about to stuff my face with all kinds of food, since I'm having a third day of Xmas with some friends, but I'll have a listen when I get the chance. Despite what I make and produce, I like all kinds of music.
. Hope you like our stuff when you get chance to check it out.
No worries, hope you had a nice Christmas anyway.
I may have taken banker bashing a bit personnally, but it's hard not too when you keep having to take one in the ass for the team! Like 90% bonus cuts, when I don't even work in Credit!
Interesting news today though, JP Morgan are scrapping plans to build a £2.4bn office in Canary Wharf (which is given straight back to the struggling construction industry), and HSBC are likelyto move their headquarters from London in response to the Govt' actions. Not bad considering the tax will only raise £500m anyway.
Just be glad your not a small business owner.
Some of them had 100% livelihood cuts through the actions of these dirty Bankers.
Any business (small or large) that faced financial hardship was down to it's own running not the actions of investment bankers en masse. If Credit facilities were pulled from a business, this would be down to the credit worthiness of that business itself. Very easy to blame everyone else, but the contraction in the availbility of credit was a long overdue correction since credit had previously been too freely available, The reasons for that oversupply are routed in Governments, regulators, pension funds, consumers and bankers equally.
Still if you saw it on the BBC it must be true, eh?
A lot of the failures were down to bad luck and bad timing rather than credit worthiness.
At one point, the Banks themselves were not credit worthy. They wouldnt lend to eachother! Bailing them out was probably the biggest mistake made by our government in recent years.
The government had to put a hell of a lot of public money back into the system before even the most 'credit worthy' business got a look in.
Its not the way I run my business. We dont owe a penny to anyone, least of all the Bank!
But it was the accepted way of doing business. Pre credit crunch, if you walked into a bank talking about expanding your business, they would have your flies down and be slupring on your dingle before you had even sat down.
Anyway all I was saying in my post is not to get too mired in self pity just cos you arent getting your usual bonus. Some people have lost everything.
I don't feel sorry for myself, unlike many bankers I think a bonus is a bonus, not an entitlement. It is annoying though when many people look to blame bankers for the ill's of society, when only a very small minority should share any of the blame.
As to bank's lending to one and other, yes interbank lending did grind to a halt as nobody knew how toxic the other's balance sheet was. As all banks finance themselves on a day to day basis, this rippled out to the wider community very quickly. Aside from regulatory capital requirements banks do not sit long cash on a daily basis, to do so is to suffer from opportunity loss; as such they are fully invested and subject to default risks. This system of interbank liquidity is one of the underpinnings for all commercial activity in the UK, without it you'd be paying for everything in gold and silver coins. This is the same system that provides liquidity for UK Govt debt, without such the Govt could not borrow. The Govt really didn't have a choice to pump money into the system, not only would the banks go down, but their ability to borrow too. Longer term, the UK will likely see a good return in stabilising the financial system. Not only will mark to mark accounting on any assets allow the Govt to show intraday gains, but also realisable cash through selling shares in Lloyds etc.
Anyway, any business is best placed not to be reliant on any credit institution for short or long term funding. Your business model is one I would choose to follow if I owned a small business. Likewise, I want out of my mortgage at the earliest opportunity because owing money sucks.
I'm sure this had something to do with Christmas No 1's at some point, maybe sheep mentatlity, public perception or whatever. I think I'm just going to content myself with a nice cold bottle of cider instead.
Glen, one thing I have witnessed when researching an answer [and I still haven't finalised one yet] is a pattern.
Patterns are important from mathematics to art, and from astrophysics to economics ... why? ....because they reveal indirect properties of what's being looked at.
And the pattern I am seeing the more I look is, the people who defend the bankers tend to be the bankers themselves whereas the people who tend to blame the bankers is everybody else [of those involved in the debate].
Either ..the underlying truth being inferred is a systematic bias against bankers or the bankers were at fault .... or ..... a combination of the two.
Ya pays ya money, ya takes ya choice as to what you believe after the pattern has been revealed.
As for me, I hate greedy bankers; as to how many you can attribute that descriptive to?
I'd hazard a guess at the vast majority but that guess has nothing to do with my knowledge of bankers but has everything to do with my knowledge of people and what they act like when unbounded by laws or protocols when there's money around.
I blame the bankers yes, and I still do, even more-so after I have researched this a little [a few hours worth not that extensive] and I don't blame them because they are bankers, I blame them because they are people who have ended up having the opportunity to realise their greed as bankers.
I'm afraid most of us would do the same thing in similar positions if we were all honest but the difference is, most of us aren't and the bankers did.
My opinion thus far [for what it's worth] is the bankers were to blame [but not entirely] because nobody made them nudge the envelope of greed, they made their own decisions wilfully but I will also add, there were little to no effective banking conventions [and respective national laws] that restricted their greed.
I am certailny not digging you out Glenn because I know you ain't one of those we are talking about coz if you were mate, you wouldn't be living round the corner from me